NY Times: Staring Into the Budget’s Abyss

Wanted to make sure you saw today's New York Times editorial that urges Republicans to work with Democrats to agree to a big, bold, and balanced package so that we can reduce the deficit, create jobs, build confidence in our economy, and avoid a damaging sequester:

“…with the committee close to a deadlock — largely because Republicans will not agree to higher taxes on the rich — and the deadline for an agreement approaching, some Republicans are now talking about undoing the process.”

“Democrats have proposed a $4 trillion mix of cuts and tax increases… But Republicans have rejected any tax increases…”

“Simply dismissing the committee and undoing the sequester would be such a vast admission of Congressional failure that it could push down the nation’s credit rating, lead to chaos in financial markets and severely cripple hopes for an economic recovery. Republicans created the policies that forced up the deficit and then refused to compromise with President Obama. They cannot simply walk away now. Panel members have only a few days to come up with a plan that balances new revenues with spending cuts. That is the only way to wrestle down the deficit without doing huge damage to the economy and the country."